The firm’s marketing budget is top of the hit list and will be slashed by 20 per cent next year. That could spell the end of M&S’s celebrity-studded advertisements, which feature Erin O’Connor, Twiggy, Lily Cole and Myleene Klass. “I don’t take any pride in it but I’ve been saying for some nine months that there are tough times coming,” said the company’s chief executive Sir Stuart Rose in an interview with BBC reporter Robert Peston. When asked about Primark, which has managed to defy the high-street slump with a 17 per cent rise in operating profits, Sir Stuart retorted: “Primark’s market share is static… There’s room for both of us.” He admitted M&S will “have to hunker down” and claimed that “you won’t find many businessmen saying 2009 is going to be a fabulous year”. Reckon you can prove Sir Stuart wrong? If you’re predicting a bumper 2009, let us know. Related articles:"I love the recession"Why is Stuart Rose staying at M&S until 2011? Picture source
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.